MORTGAGE NON-IMPLODE
QUESTIONNAIRE
Name of
Lender: Megastar Financial Corporation
Web Site
Address Link: http://www.megastarfinancial.com
City and
State:
Contact
Name: Paul John
Contact
Phone Number: 888.85.FIXED
Contact
Email Address: information@megastarfinancial.com
Mortgage
Implodes Independent Grades:
Disclaimer:
Mortgage Implode in no ways endorses this lender or any other on the
non-imploded list. All information gathered is through the interview process and
strong due-diligence efforts (background and credit checks, audited financials...)
are not conducted. Borrowers should not base borrowing decisions on this
recommendation but are encouraged to talk to the lender
themselves.
Overall
Grade: A+
Management:
A+
Technology:
A+
Product
Information: A
Credit
Risk: A
Geography:
A
Innovation:
A+
Services:
A stable
retail mortgage bank that provides funding for residential homes looking plug in
already successful Mortgage Brokers, Net Branch(s), and Loan Officers into a
model and infrastructure that will increase their quality of life through
increased control, revenue and production!
24 in
house underwriting, figures to title/escrow 3 days before close, same day
funding, same day doc, over 100 different lenders to choose from with direct
lender pricing, CRM marketing.
Opportunities
New Net Branch - MegaStar's Net Branch program is not for everyone, only Top Loan Originator funding a minimum of $60 million a year in volume qualifies.
100%
Branch Originator -
MegaStar's 100% Branch Loan Originator (Independent Loan Originator)
program was designed for the already successful Loan Originator that currently
works or wants to work for him or herself outside our offices. These individual
Loan Originators may or may not have supporting staff and do a minimum of $24
million a year in volume.
Branch
Loan Originator - Loan Originator looking to join an already successful Net
Branch with the resources to help you increase your monthly production?
MegaStar's existing Net Branch locations are always looking for talented Loan
Originators to join their already successful team.
Fulfillment
Services - MegaStar Financial offers mortgage operation fulfillment services for
real estate agencies, builders, affinity programs and other organizations that
would like to make additional income by creating their own mortgage entity and
having professionals run it for them
Management :
President/Owner,
Anita Padilla-Fitzgerald has been in banking for over 30 years. MegaStar only works with Top Loan
Originators. We don't hire inexperience.
It does not work in our system.
Anita's operations background has helped her make decisions that are
helping our company prosper in times such as these. That's why MegaStar is in such a great
financial position at the moment.
Anita
was invited and sits on the "Rules Task Force" advisory committee for banking
and lending regulation in
Anita is backed by the best team support team in the industry. Our philosophy is that we only want to work with the best.
Technology Information
This is what really differentiates MegaStar from other lenders. When our President & CEO set up MegaStar, she sought out to eliminate all the inefficiencies that other lenders created with layered systems, duplicate processes and systems that did not communicate with one another. These inefficiencies cause extended cost and time. She eliminated these inefficiencies by changing the typical lending model. For instance, MegaStar's Loan Specialist processes the loan, has level 1 or level 2 delegated underwriting authority. For the type of business MegaStar does, they can underwrite about 90% of loans that are agency or government or below certain loan limits. The remaining 10% that they can't underwrite go to our in House Underwriters. Once conditions are closed then the same Loan Specialist draws docs, sends figures to close, cuts a check and ultimately packages the deal and ships the loan to the investor. This process allows us to eliminate multiple jobs. It empowers our Loan Specialists and eliminates the inefficiencies caused by having multiple people working on each file. Since the loan started with loan specialist, she has the best understanding of that file and knows what needs to be done to get it closed. Thus, why our turn times are 24 hour underwriting and figures to close three days before close.
MegaStar is a
technological savvy lender on the leading edge of lending technology; MegaStar
Holdings owns it own information technology company, Take Three Technology.
Its main focus is to develop lending software; rather than MegaStar relying on
third party technology where most programmers have no knowledge of how the
lending process really works. MegaStar's president & CEO saw much
inefficiency in other lending operations and set out to create a system that
could transfer data from point A to point B from the beginning of loan
application to close without utilizing multiple third party programs. Thus the
creation of two important programs. First, MBOSS, the backbone of our system
that collects data from a front end LOS system and then put it in a
centralized database that allows us to process and underwrite loans, provide
accounting, marketing, reporting and Loan Officer query interface for every
aspect of our company. Truly, a must see piece of technology. The second is a
Loan Officer/Branch Manager portal that contains company information (like a
company help desk) that also provides online pricing for all investors, CRM
marketing (drip campaigns) and advanced query lookup screens.
Currently Funding
Conforming Loans:
Yes
% Conforming Fixed:
51.51%%
Government (VA and FHA):
Yes
% Conforming ARM:
6.1%
Jumbo Loans:
Yes
% Jumbo Fixed:
1.2%
Alt A:
No
% Jumbo ARM:
3.74%
Sub-Prime Loans:
No
% Alt A:
.14%
Seconds:
No
% HELOC & CES:
.01%
Stated Loans:
No
%
Government:
37.3%
Other:
% Sub-prime:
0%
% Niche: 0%
Investors:
MegaStar has delegated underwriting authority with 15 correspondent investors. Megastar's focus on doing quality loans has put us in a strong position.
With an EPD of less than .00001%, we are not stuck buying back loans; an issue that most lenders are facing right now
with defaults.
MegaStar
is licensed in 37 states. Currently not doing business in AK, AR, DC, LA, MS, MT, ND, SD, NF, NV, PA, VT, and WI. Limited exemptions - NY, OH, WV, DE (Means Megastar will not sign up Net Branches or Originators with primary business in these states. MegaStar can only do a limited number of loans or volume in these states.)